MARION COUNTY, FLORIDA LAKE TROPICANA RANCHETTES (PHASE I) RE-ASSESSMENT IMPROVEMENT AREA INITIAL ASSESSMENT RESOLUTION

MARION COUNTY, FLORIDA LAKE TROPICANA RANCHETTES (PHASE I) RE-ASSESSMENT IMPROVEMENT AREA INITIAL ASSESSMENT RESOLUTION ADOPTED JULY 20, 2010

TABLE OF CONTENTS PAGE ARTICLE I DEFINITIONS AND CONSTRUCTION SECTION 1.01. DEFINITIONS... 2 SECTION 1.02. INTERPRETATION... 8 SECTION 1.03. GENERAL FINDINGS... 8 ARTICLE II NOTICE AND PUBLIC HEARING SECTION 2.01. ESTIMATED CAPITAL COST... 14 SECTION 2.02. ASSESSMENT ROLL... 14 SECTION 2.03. PUBLIC HEARING... 14 SECTION 2.04. NOTICE BY PUBLICATION... 15 SECTION 2.05. NOTICE BY MAIL... 15 ARTICLE III ASSESSMENTS SECTION 3.01. DESCRIPTION OF PROPOSED IMPROVEMENT AREA... 16 SECTION 3.02. IMPOSITION OF ASSESSMENTS... 16 SECTION 3.03. ADJUSTED PREPAYMENT AMOUNTS... 17 SECTION 3.04. COMPUTATION OF ANNUAL ASSESSMENTS... 18 SECTION 3.05. ADDITIONAL PREPAYMENT OPTION... 20 SECTION 3.06. MANDATORY PREPAYMENT... 21 SECTION 3.07. REALLOCATION UPON FUTURE SUBDIVISION... 23 SECTION 3.08. CREDIT FOR PREPAYMENTS AND PAYMENTS UNDER THE PRIOR RESOLUTION... 25 ARTICLE IV GENERAL PROVISIONS SECTION 4.01. METHOD OF COLLECTION... 26 SECTION 4.02. SEVERABILITY... 26 SECTION 4.03. EFFECTIVE DATE... 26 APPENDIX A - APPENDIX B - APPENDIX C - FORM OF PUBLISHED NOTICE FORM OF MAILED NOTICE LEGAL DESCRIPTION

RESOLUTION NO. 10-R- A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MARION COUNTY, FLORIDA, RELATING TO THE CONSTRUCTION AND FUNDING OF ROAD IMPROVEMENTS; DESCRIBING THE REAL PROPERTY TO BE LOCATED WITHIN THE PROPOSED LAKE TROPICANA RANCHETTES (PHASE I) RE- ASSESSMENT IMPROVEMENT AREA AND THE ROAD IMPROVEMENTS TO BE CONSTRUCTED THEREIN; ESTABLISHING THE METHOD OF ASSESSING THE COSTS OF THE ROAD IMPROVEMENTS AGAINST THE REAL PROPERTY THAT WILL BE SPECIALLY BENEFITED THEREBY; ESTABLISHING OTHER TERMS AND CONDITIONS OF THE ASSESSMENTS; ESTABLISHING A PUBLIC HEARING TO CONSIDER IMPOSITION OF THE PROPOSED ASSESSMENTS AND THE METHOD OF THEIR COLLECTION; DIRECTING THE PROVISION OF NOTICE IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MARION COUNTY, FLORIDA, AS FOLLOWS: C-1

ARTICLE I DEFINITIONS AND CONSTRUCTION SECTION 1.01. DEFINITIONS. As used in this Resolution, the following terms shall have the following meanings, unless the context hereof otherwise requires. "Adjusted Prepayment Amount" means (A) the amount required to prepay the Assessment for each Tax Parcel located in the Improvement Area (1) as established pursuant to Section 3.03(A) hereof and revised annually pursuant to Section 3.04(I) hereof, and (2) following issuance of any Refunding Obligations, as computed pursuant Section 3.03(B) hereof and revised annually pursuant to Section 3.04(I) hereof; and (B) the comparable prepayment amounts computed and revised for each Tax Parcel against which a special assessment has been imposed to finance other Local Improvements, if any, funded from proceeds of the Obligations. "Annual Debt Service Component" means the amount computed for each Tax Parcel pursuant to Section 3.04(E) hereof. "Annual Debt Service Factor" means the factor computed pursuant to Section 3.04(D) hereof "Assessment" means an annual special assessment imposed against real property located within the Improvement Area to fund the Project Cost of Road Improvements to serve the Improvement Area and related expenses, computed in the manner described in Section 3.04 hereof. "Assessment Coordinator" means the person designated by the Board to be responsible for coordinating Assessments, or such person's designee. C-2

"Assessment Roll" means a non-ad valorem assessment roll relating to the Project Cost of the Road Improvements and related expenses. "Board" means the Board of County Commissioners of Marion County, Florida. "Bond Resolution" means Resolution No. 08-R-609 adopted by the Board on December 16, 2008, relating to the issuance of the Series 2008B Bond. "Building" means any structure, whether temporary or permanent, built for support, shelter or enclosure of persons, chattel, or property of any kind. "Capital Cost" means all or any portion of the expenses that are properly attributable to the acquisition, design, construction, installation, reconstruction, renewal or replacement (including demolition, environmental mitigation and relocation) of the Road Improvements and imposition of the Assessments under generally accepted accounting principles; and including reimbursement to the County for any funds advanced for Capital Cost and interest on any interfund or intrafund loan for such purposes. "Collection Cost" means the estimated cost to be incurred by the County during any Fiscal Year in connection with the collection of Assessments. "Collection Cost Component" means the amount computed for each Tax Parcel pursuant to Section 3.04(F) hereof. "County" means Marion County, a political subdivision of the State of Florida. "County Administrator" means the County Administrator of Marion County, Florida, or his or her designee. 3

"Debt Service Amount" means the amount computed pursuant to Section 3.04(A) hereof. "Dwelling Unit" means a building, or portion thereof, which is lawfully used for residential purposes, consisting of one or more rooms arranged, designed, used, or intended to be used as living quarters for one family only. "Excluded Parcels" means those parcels which (A) are used for road right-ofway, utility easements, open space, retention or drainage purposes, (B) do not otherwise benefit from construction of the Road Improvements, and (C) are either (1) owned by the County or State, or (2) privately-owned and restricted by agreement to one of the uses described in (A) above. "Final Assessment Resolution" means the resolution described in Section 3.06 of the Ordinance that imposes Assessments within the Improvement Area. "Fiscal Year" means the period commencing on October 1 of each year and continuing through the next succeeding September 30, or such other period as may be prescribed by law as the fiscal year for the County. "Funding Agreement" means the agreement pursuant to which the County agrees to deliver the Obligations against payment therefore by the purchaser or underwriter of such Obligations. "Government Property" means real property owned by the United States of America or any agency thereof, the State of Florida or any agency thereof, a county, a special district or a municipal corporation. 4

"Improvement Area" means the proposed Lake Tropicana Ranchettes (Phase I) Re-Assessment Improvement Area described in Section 3.01 hereof. "Local Improvement" means a capital improvement constructed or installed by the County for the special benefit of a neighborhood or other local area, for which special assessments are imposed pursuant to the Ordinance. "Modified Debt Service Amount" means the amount computed pursuant to Section 3.04(C) hereof. "Obligations" means Original Obligations or Refunding Obligations. "Ordinance" means Ordinance No. 97-4 of the County enacted on February 18, 1997, as amended and restated in its entirety by Ordinance No. 09-10 of the County enacted on April 7, 2009. "Original Obligations" means the Series 2008B Bond. "Parcel of Record" means an unplatted parcel of record or a subdivided Platted Lot in existence on the effective date of this Resolution, on which a Single-Family Residential Unit has been or can be constructed or sited in accordance with applicable laws and regulations. "Parcel Unit" means a Platted Lot or a Parcel of Record on which the County's regulations will permit construction or siting of a Single-Family Residential Unit. "Platted Lot" means a building lot described on a map or plat recorded in the County's Official Records on or prior to the effective date of this Resolution. "Prepayment Modification Factor" means the factor computed pursuant to Section 3.04(B) hereof. 5

"Prior Assessments" means the special assessment imposed pursuant to the Prior Resolution. "Prior Resolution" means Resolution No. 08-R-511, adopted by the County on October 1, 2008. "Project Cost" means (A) the Capital Cost of the Road Improvements, (B) the Transaction Cost associated with the Obligations attributable to the Road Improvements, (C) interest accruing on such Obligations for such period of time as the County deems appropriate, (D) the debt service reserve fund or account, if any, established for the Obligations attributable to the Road Improvements, and (E) any other costs or expenses related thereto. "Property Appraiser" means the Marion County Property Appraiser. "Refunding Obligations" means a series of bonds or other evidence of indebtedness including but not limited to, notes, commercial paper, capital leases or any other obligations of the County issued or incurred to refund all or any portion of the Original Obligations or any indebtedness issued to refinance the Original Obligations. "Road Improvements" means the following road and ancillary improvements to be constructed by the County in the Improvement Area: clearing and grubbing, excavating, stabilization, limerock basecourse, drainage, Type III asphaltic concrete wearing surface, sod, finish grading, turnout construction hay bales, temporary straw hay bales, street quadrant signs, traffic striping, stop bars, construction layout, as-built drawings, maintenance of traffic and related improvements. 6

"Series 2008B Bond" means the Marion County, Florida Special Assessment Bond, Series 2008B issued by the County pursuant to the Bond Resolution secured by the Prior Assessments imposed under the Prior Resolution. "Single-Family Residential Unit" means a Building that contains a single Dwelling Unit. "Special Acts" means Chapters 85-466, 85-467 and 88-459, Laws of Florida, adopted by the Florida Legislature. "State" means the State of Florida. "Statutory Discount Amount" means the amount computed for each Tax Parcel pursuant to Section 3.04(G) hereof. "Tax Parcel" means a parcel of real property to which the Property Appraiser has assigned a distinct ad valorem property tax identification number. "Tax Roll" means the real property ad valorem tax assessment roll maintained by the Property Appraiser for the purpose of the levy and collection of ad valorem taxes. "Transaction Cost" means the costs, fees and expenses incurred by the County in connection with the issuance and sale of any series of Obligations, including but not limited to (A) rating agency and other financing fees; (B) the fees and disbursements of bond counsel and disclosure counsel, if any; (C) the underwriters' discount; (D) the fees and disbursements of the County's financial advisor; (E) the costs of preparing and printing the Obligations, the preliminary official statement, the final official statement, and all other documentation supporting issuance of the Obligations; (F) the fees payable in respect of any municipal bond insurance policy; (G) administrative, development, 7

credit review, and all other fees associated with any pooled commercial paper or similar interim financing program; and (H) any other costs of a similar nature incurred in connection with issuance of such Obligations. "Uniform Assessment Collection Act" means Sections 197.3632 and 197.3635, Florida Statutes, or any successor statutes authorizing the collection of non-ad valorem assessments on the same bill as ad valorem taxes, and any applicable regulations promulgated thereunder. SECTION 1.02. INTERPRETATION. Unless the context indicates otherwise, words importing the singular number include the plural number, and vice versa; the terms "hereof," "hereby," "herein," "hereto," "hereunder" and similar terms refer to this Resolution; and the term "hereafter" means after, and the term "heretofore" means before, the effective date of this Resolution. Words of any gender include the correlative words of the other gender, unless the sense indicates otherwise. SECTION 1.03. GENERAL FINDINGS. It is hereby ascertained, determined and declared that: (A) The Special Acts were adopted by the Florida Legislature at the request of the County to provide guidance on implementing certain types of special assessments within the County. The County requested the Special Acts because, at the time, the County did not believe that it had the authority to implement special assessments for certain types of property without additional power granted by the Florida Legislature. 8

(B) Section 125.01(1)(r), Florida Statutes, provides authority to the County to levy and collect special assessments in such manner and subject to such limitations as may be provided by general law. (C) Section 125.01(1)(q), Florida Statutes, provides authority to the County to levy special assessments to fund certain services, including Road Improvements, provided through a municipal service benefit unit or similar special assessment area. (D) Article VIII, Section 1 of the Florida Constitution, and Sections 125.01 and 125.66, Florida Statutes, grant to a board of county commissioners all powers of local self-government to perform county functions and to render services for county purposes in a manner not inconsistent with general law, or with special law approved by vote of the electors, and such power may be exercised by the enactment of county ordinances. (E) On February 18, 1997, the Board enacted Ordinance No. 97-4, as amended and restated by Ordinance No. 09-10 enacted by the Board on April 7, 2009, to provide guidance for the creation of MSBUs and authorized the imposition of special assessments to fund the construction of local improvements, such as road improvements, to serve the real property located therein. (F) Pursuant to the Prior Resolution and the Ordinance, the County imposed the Prior Assessments on portions of the real property abutting the Road Improvements, as described in Section 3 of the Prior Resolution. (G) On October 26, 2009, a lawsuit was filed challenging the County's imposition of the Prior Assessment claiming that the County failed to impose the Prior Assessments pursuant to the requirements of the Special Acts. The County's position 9

remains that it did not impose the Prior Assessments pursuant to the Special Acts and, therefore, did not have an obligation to meet the requirements of the Special Acts. (H) Since the County has the authority to impose special assessments and create MSBUs pursuant to general law and in an effort to avoid further confusion regarding the implementation of special assessments and the creation of MSBUs within the County, on May 26, 2010, the Florida Legislature repealed the Special Acts pursuant to Chapters 2010-247 and 2010-248, Laws of Florida. (I) The real property within the Improvement Area created under the Prior Resolution have specially benefited from the Road Improvements authorized under the Prior Resolution. (J) Section 3.10 of the Ordinance provides that if any Assessments made under the provisions of the Ordinance are either in whole or part annulled, vacated or set aside by the judgment of any court, or if the Board is satisfied that any such Assessment is so irregular or defective that the same may not be enforced or collected, the County may take all steps necessary to impose a new Assessment against any property benefited by a Local Improvement, such as those properties that were benefited by the Road Improvements authorized under the Prior Resolution. (K) On December 16, 2008, the Series 2008B Bond was issued by the County pursuant to the Bond Resolution to fund the Road Improvements, and the funds from the Prior Assessments were pledged to the repayment of the Series 2008B Bond under the Bond Resolution. 10

(L) Pursuant to Section 5.06 of the Bond Resolution, if the Prior Assessments are found to be annulled, vacated or set aside by the judgment of any court, then the County is obligated to reassess the properties that were benefited by the Local Improvement authorized by the Prior Resolution. (M) Pursuant to the Ordinance and the Bond Resolution, the County desires to reassess the real property within the Improvement Area as provided herein. (N) The Road Improvements constitute a Local Improvement, as defined in the Ordinance. (O) The Board desires to create the Improvement Area to fund construction of the Road Improvements. (P) The construction of such Road Improvements improved access to all real property located within the Improvement Area, thereby providing a special benefit to such real property. (Q) Since a Single-Family Residential Unit can be constructed or sited on each Parcel Unit and since each Single-Family Residential Unit typically generates a relatively equal number of vehicle trips, the use of Parcel Units is a fair and equitable method of allocating the Capital Cost among Tax Parcels located within the Improvement Area. (R) Certain Tax Parcels (P.I.D. 20909-007-00 and 20909-007-01) abut the Road Improvements and are oversized lots on which only one Single-Family Residential Units can be constructed or sited. These parcels will derive a special benefit from construction of the Road Improvements consistent with the other parcels in the Improvement Area. Accordingly, these parcels will be assigned one Parcel Unit each. 11

(S) A Certain Tax Parcel (P.I.D. 20911-000-100) abuts the Road Improvements but ingresses and egresses from an alternative road that is not part of the Road Improvements. Accordingly, such parcel will not derive a special benefit from construction of the Road Improvements and therefore not included in the Improvement Area. (T) Certain Tax Parcels (P.I.D. 0740-005-020 and 1740-005-026) do not abut the Road Improvements and contain a Parcel of Record upon which a Single-Family Residential Unit can be constructed or sited. Since the Road Improvements provide ingress and egress, these parcels will derive a special benefit from construction of the Road Improvements. Accordingly, these Tax Parcels will be assigned one Parcel Unit each. (U) The Improvement Area contains areas which are not contiguous with one another. The County engineering staff has determined that the Road Improvements on the streets within the Improvement Area are similar and there is no significant difference in actual cost of construction. Accordingly, it is fair and reasonable to combine the separate road construction projects into one Improvement Area in order to create administrative efficiencies and thereby lowering the amount of the Assessments. (V) The Parcel Units in the Improvement Area have been previously assessed for road maintenance of the existing dirt roads. The Parcel Units in the Improvement Area have not been assessed for Road Improvements that involve new construction. Accordingly, it is fair and reasonable to assess the Parcel Units in the Improvement Area for the Road Improvements. 12

(W) The Board hereby finds and determines that the Assessments to be imposed in accordance with this Resolution provide an equitable method of funding the Road Improvements by fairly and reasonably allocating the cost to specially benefited real property. 13

ARTICLE II NOTICE AND PUBLIC HEARING SECTION 2.01. ESTIMATED CAPITAL COST. The estimated Capital Cost for the Road Improvements was $1,500,000. The Project Cost of the Road Improvements will be funded through the imposition of Assessments against real property located in the Improvement Area in the manner set forth in Article III hereof. SECTION 2.02. ASSESSMENT ROLL. The Assessment Coordinator is hereby directed to prepare a final estimate of the Capital Cost of the Road Improvements and to prepare the preliminary Assessment Roll in the manner provided in the Ordinance. The Assessment Coordinator shall apportion the Project Cost among the parcels of real property within the Improvement Area as reflected on the Tax Roll in conformity with Article III hereof. The estimate of Capital Cost and the Assessment Roll shall be maintained on file in the offices of the Assessment Coordinator and open to public inspection. The foregoing shall not be construed to require that the Assessment Roll be in printed form if the amount of the Assessment for each Tax Parcel can be determined by use of a computer terminal available to the public. SECTION 2.03. PUBLIC HEARING. A public hearing will be conducted by the Board at 9:00 A.M., or as soon thereafter as the matter can be heard, on a date to be set by the County Administrator, in the Marion County Commission Chambers, 601 SE 25th Avenue, Ocala, Florida, to consider (A) creation of the Improvement Area, (B) imposition of the Assessments, and (C) collection of the Assessments pursuant to the Uniform Assessment Collection Act. 14

SECTION 2.04. NOTICE BY PUBLICATION. Upon completion of the materials required by Section 2.02 hereof, the Assessment Coordinator shall publish a notice of the public hearing authorized by Section 2.03 hereof in the manner and the time provided in Section 3.04 of the Ordinance. Such notice shall be in substantially the form attached hereto as APPENDIX A. SECTION 2.05. NOTICE BY MAIL. Upon completion of the materials required by Section 2.02 hereof, the Assessment Coordinator shall, at the time and in the manner specified in Section 3.05 of the Ordinance, provide first class mailed notice of the public hearing authorized by Section 2.03 hereof to each real property owner proposed to be assessed at the address indicated on the Tax Roll. Such notice shall be in substantially the form attached hereto as APPENDIX B. 15

ARTICLE III ASSESSMENTS SECTION 3.01. DESCRIPTION OF PROPOSED IMPROVEMENT AREA. The Board proposes to create the Lake Tropicana Ranchettes (Phase I) Re- Assessment Improvement Area as a municipal service benefit unit including portions of real property abutting the Road Improvements to be constructed along S.W. 176th Avenue, S.W. 34th Street, S.W. 177th Terrace, S.W. 183rd Terrace, S.W. 57th Place and S.W. 60th Street, located in Marion County, Florida as more particularly described in APPENDIX C attached hereto and incorporated herein by reference. The Improvement Area is proposed for the purpose of improving the use and enjoyment of real property by funding the construction of Road Improvements to improve the access to real property located therein. SECTION 3.02. IMPOSITION OF ASSESSMENTS. Assessments shall be imposed against real property located within the Improvement Area for a period of 9 years. The first annual Assessment will be included on the ad valorem tax bill to be mailed in November 2010. When imposed, the Assessment for each Fiscal Year shall constitute a lien upon the Tax Parcels located in the Improvement Area, pursuant to the Ordinance. 16

SECTION 3.03. ADJUSTED PREPAYMENT AMOUNTS. (A) Since the Original Obligations have already been issued by the County, the Adjusted Prepayment Amount for each Tax Parcel shall be set equal to the current Adjusted Prepayment Amount for such Tax Parcel under the Prior Resolution. The Adjusted Prepayment Amount for each Tax Parcel shall be revised annually, as provided in Section 3.04(I) hereof. In the event the Assessment for any Tax Parcel was prepaid under the Prior Resolution, a credit shall be given in accordance with Section 3.08 hereof. (B) Following issuance of any Refunding Obligations, a new Adjusted Prepayment Amount for each Tax Parcel, other than those Tax Parcels as to which the Assessment has been prepaid prior to issuance of such Refunding Obligations, shall be computed by multiplying (1) the amount computed by dividing (a) the Adjusted Prepayment Amount for such Tax Parcel by (b) the sum of (i) the aggregate Adjusted Prepayment Amounts for all Tax Parcels within the Improvement Area and (ii) the aggregate comparable prepayment amounts computed for all Tax Parcels against which a special assessment has been imposed to finance other Local Improvements funded from proceeds of the Obligations being refunded, in each case excluding those Tax Parcels as to which the Assessment has been prepaid prior to issuance of such Refunding Obligations, by (2) the principal amount of such Refunding Obligations. The Adjusted Prepayment Amount for each Tax Parcel shall be revised annually, as provided in Section 3.04(I) hereof. 17

SECTION 3.04. COMPUTATION OF ANNUAL ASSESSMENTS. The annual Assessment shall be computed for each Tax Parcel in the manner set forth in this Section 3.04. (A) DEBT SERVICE AMOUNT. A "Debt Service Amount" shall be computed for each Fiscal Year as the amount which would be payable in respect of the Obligations in accordance with a debt service schedule prepared under the following assumptions: (1) the principal installments equal those established in the Funding Agreement, and (2) the Obligations bear interest at a rate one full percentage point in excess of the actual rates; provided however, that the "Debt Service Amount" for any Fiscal Year shall not exceed the principal amount of Obligations then outstanding plus interest thereon at rates one full percentage point in excess of the actual rates. (B) PREPAYMENT MODIFICATION FACTOR. A "Prepayment Modification Factor" shall be computed for each Fiscal Year by dividing (1) the amount computed by subtracting (a) the sum of the Adjusted Prepayment Amounts, as of the date on which the Obligations are issued by the County, for all Tax Parcels as to which prepayment has been made following issuance of the Obligations, from (b) the total principal amount of Obligations initially issued by the County, by (2) the total principal amount of Obligations initially issued by the County. (C) MODIFIED DEBT SERVICE AMOUNT. A "Modified Debt Service Amount" shall be computed for each Fiscal Year by multiplying (1) the Debt Service Amount by (2) the Prepayment Modification Factor. 18

(D) ANNUAL DEBT SERVICE FACTOR. An "Annual Debt Service Factor" shall be computed for each Fiscal Year by dividing (1) the Modified Debt Service Amount by (2) the aggregate Adjusted Prepayment Amount. (E) ANNUAL DEBT SERVICE COMPONENT. The "Annual Debt Service Component" shall be computed for each Fiscal Year for each Tax Parcel by multiplying (1) the Adjusted Prepayment Amount for such Tax Parcel by (2) the Annual Debt Service Factor. (F) COLLECTION COST COMPONENT. The "Collection Cost Component" shall be computed each Fiscal Year for each Tax Parcel by (1) dividing (a) the Adjusted Prepayment Amount for such Tax Parcel by (b) the sum of the aggregate Adjusted Prepayment Amount, and (2) multiplying the result by the Collection Cost. (G) STATUTORY DISCOUNT AMOUNT. The "Statutory Discount Amount" shall be computed for each Tax Parcel as the amount by which Section 129.01(2)(b) requires the County to discount reasonably anticipated receipts in connection with preparation of its annual budget, such amount to be calculated by deducting (1) the sum of (a) the Annual Debt Service Component and (b) the Collection Cost Component, from (2) the amount computed by dividing (a) the sum of (i) the Annual Debt Service Component and (ii) the Collection Cost Component, by (b) 0.95. (H) ASSESSMENT. The annual Assessment for each Tax Parcel shall be computed as the sum of (1) the Annual Debt Service Component, (2) the Collection Cost Component and (3) the Statutory Discount Amount. 19

(I) REVISION OF ADJUSTED PREPAYMENT AMOUNT. Upon issuance of the ad valorem tax bill for each Fiscal Year, the Adjusted Prepayment Amount for each Tax Parcel shall be recomputed by deducting (1) the amount computed by (a) dividing (i) the principal component of the Debt Service Amount utilized to compute the Annual Debt Service Component for the Assessment Roll by (ii) the total Debt Service Amount utilized to compute the Annual Debt Service Component for the Assessment Roll and (b) multiplying the result by the Annual Debt Service Component included on the Assessment Roll for the Tax Parcel, from (2) the Adjusted Prepayment Amount utilized to compute the Annual Assessment included on the Assessment Roll for such Tax Parcel. SECTION 3.05. ADDITIONAL PREPAYMENT OPTION. (A) The owner of each Tax Parcel subject to the Assessments shall be entitled to prepay all future unpaid annual Assessments upon payment of an amount equal to the sum of (1) the Adjusted Prepayment Amount for such Tax Parcel, and (2) interest on the Adjusted Prepayment Amount, computed at a rate one full percentage point in excess of the rate on the Obligations, from the most recent date to which interest on the Obligations has been paid to the next date following such prepayment on which the County can redeem Obligations after providing all notices required to redeem all or any portion of the Obligations. (B) During any period commencing on the date the annual Assessment Roll is certified for collection pursuant to the Uniform Assessment Collection Act and ending on the next date on which unpaid ad valorem taxes become delinquent, the County may 20

reduce the amount required to prepay the future unpaid annual Assessments for the Tax Parcel by the amount of the Assessment that has been certified for collection with respect to such Tax Parcel. (C) The amount of all prepayments made pursuant to this Section 3.05 shall be final. The County shall not be required to refund any portion of a prepayment if (1) the Capital Cost of the Road Improvements is less than the amount upon which such Adjusted Prepayment Amount was computed, or (2) annual Assessments will not be imposed for the full number of years anticipated at the time of such prepayment. SECTION 3.06. MANDATORY PREPAYMENT. (A) The owner of a Tax Parcel subject to the Assessment shall immediately prepay all future unpaid annual Assessments for such Tax Parcel if (1) the Tax Parcel is acquired by a public entity through condemnation, negotiated sale or otherwise, or (2) a tax certificate has been issued and remains outstanding in respect of the Tax Parcel and the County, at its sole option, elects to accelerate the Assessment. In the case of (1) above, the owner of the Tax Parcel must notify the County at least 30 days prior to the proposed acquisition date in order to allow the County sufficient time to determine whether acceleration is desired. Failure to provide such notice shall cause an automatic acceleration of such Assessment the effective date of which is 10 days prior to the proposed acquisition date. (B) The amount required to prepay the future unpaid annual Assessments will be equal to the sum of (1) the Adjusted Prepayment Amount for such Tax Parcel, and (2) interest on the Adjusted Prepayment Amount, computed at a rate one full percentage 21

point in excess of the rate on the Obligations, from the most recent date to which interest on the Obligations has been paid to the next date following such prepayment on which the County can redeem Obligations after providing all notices required to redeem all or any portion of the Obligations. (C) During any period commencing on the date the annual Assessment Roll is certified for collection pursuant to the Uniform Assessment Collection Act and ending on the next date on which unpaid ad valorem taxes become delinquent, the County may reduce the amount required to prepay the future unpaid annual Assessments for the Tax Parcel by the amount of the Assessment that has been certified for collection with respect to such Tax Parcel. (D) The amount of all prepayments made pursuant to this Section 3.06 shall be final. The County shall not be required to refund any portion of a prepayment if (1) the Capital Cost of the Road Improvements is less than the amount upon which such Adjusted Prepayment Amount was computed, or (2) annual Assessments will not be imposed for the full number of years anticipated at the time of such prepayment. 22

SECTION 3.07. REALLOCATION UPON FUTURE SUBDIVISION. (A) Upon subdivision of any Tax Parcel located within the Improvement Area that is subject to the Assessment, and compliance with the conditions set forth below, the Adjusted Prepayment Amount for such Tax Parcel shall be reallocated among the subdivided parcels. (B) In order to have the Adjusted Prepayment Amount for such Tax Parcel reallocated in connection with any such subdivision, the owner shall be required to apply to the County and comply with each of the following conditions: (1) a recorded plat, approved site plan or comparable document must be provided to the County sufficient in detail to describe adequately the location of the Tax Parcel and the individual parcels in the proposed subdivision; (2) the Property Appraiser must have assigned distinct ad valorem property tax identification numbers to each individual subdivided parcel or committed in writing to assign such numbers prior to the next ensuing August 1 or any later date approved by the County that will not prevent timely certification of the Assessment Roll in accordance with the Uniform Assessment Collection Act; (3) at the expense of the property owner, an appraisal must be provided by a County-approved "certified general appraiser," as defined in Section 475.611(g), Florida Statutes, which indicates the fair market value of the Tax Parcel prior to the subdivision and the fair market value of each individual subdivided parcel; in determining the fair market value of the individual subdivided parcels, the appraiser may take into consideration any infrastructure 23

improvements that are then under construction if funds sufficient for their completion are secured to the satisfaction of the County Attorney; (4) a proposed reallocation of the Adjusted Prepayment Amount to each individual parcel must be provided to the County; provided however, that no portion of the Adjusted Prepayment Amount may be reallocated to real property proposed for dedication to the public or to common use of the subdivided parcels; (5) the fair market value of each separate parcel after the subdivision must be at least five times the Adjusted Prepayment Amount reallocated thereto; and (6) the real property owner shall pay an assessment reallocation fee to the County for each individual parcel resulting from the subdivision, in an amount to be established by resolution of the Board. (C) If the owner of any Tax Parcel subject to the Assessment subdivides such Tax Parcel and fails to comply with the foregoing conditions, the County shall reallocate the Adjusted Prepayment Amount among the subdivided parcels, based upon the land value, without improvements, assessed to each subdivided parcel by the Property Appraiser. At its sole option, the County may obtain an appraisal of the subdivided parcels at any time and reallocate the Adjusted Prepayment Amount based upon the land value, without improvements, reflected in the appraisal. If an appraisal is obtained, the cost of the appraisal will be allocated among the subdivided parcels on the basis of the value reflected therein and added to the Collection Cost Component of the Assessment for each subdivided parcel in the Fiscal Year following receipt of the appraisal. It is 24

hereby found and determined that the foregoing method of reallocating the Adjusted Prepayment Amount among subdivided parcels is fair and reasonable, taking into consideration the opportunity for reallocation available to the owner and the requirement to provide adequate security for the Obligations. (D) Notwithstanding the foregoing, if a Tax Parcel includes more than one Platted Lot and no Parcels of Record, the Assessment imposed against such Tax Parcel may be reallocated among the Platted Lots upon (1) application of the owner and (2) assignment of a distinct ad valorem property tax identification number to each Platted Lot or any combination of Platted Lots by the Property Appraiser. SECTION 3.08. CREDIT FOR PREPAYMENTS AND PAYMENTS UNDER THE PRIOR RESOLUTION. (A) To the extent a Tax Parcel (1) prepaid its entire Assessment utilizing the prepayment options described in Sections 3.05, 3.06 or 3.07 of the Prior Resolution, and (2) such prepayment has not been otherwise refunded to the credit of such Tax Parcel, then in such event the Tax Parcel will receive full credit towards payment of the Assessment described herein. (B) To the extent the annual Assessment for a Tax Parcel (1) was paid in full for the November 2009 ad valorem tax bill, and (2) such amount had not been otherwise refunded to the credit of such Tax Parcel, then in such event the Tax Parcel will receive full credit for such payment. (C) The above-described credit provisions may be modified by the Board in the event that a judge orders the County to proceed in a different manner. 25

ARTICLE IV GENERAL PROVISIONS SECTION 4.01. METHOD OF COLLECTION. The Assessments shall be collected pursuant to the Uniform Assessment Collection Act; provided however, that any Assessment against Government Property shall be collected pursuant to Section 4.04 of the Ordinance. SECTION 4.02. SEVERABILITY. If any clause, section or provision of this Resolution shall be declared unconstitutional or invalid for any reason or cause, the remaining portion of said Resolution shall be in full force and effect and be valid as if such invalid portion thereof had not been incorporated herein. SECTION 4.03. EFFECTIVE DATE. This Resolution shall take effect immediately upon its adoption. DULY ADOPTED this 20th of July, 2010. (SEAL) ATTEST: BOARD OF COUNTY COMMISSIONERS OF MARION COUNTY, FLORIDA Barbara Fitos, Chair David R. Ellspermann, Clerk of the Circuit Court and Ex-Officio Clerk of the Board of County Commissioners 26

APPENDIX A FORM OF NOTICE TO BE PUBLISHED C-1

To be published on or before, 2010. [INSERT MAP OF IMPROVEMENT AREA] NOTICE OF HEARING TO IMPOSE AND PROVIDE FOR COLLECTION OF SPECIAL ASSESSMENTS IN THE LAKE TROPICANA RANCHETTES (PHASE I) RE-ASSESSMENT IMPROVEMENT AREA Notice is hereby given that the Marion County Board of County Commissioners will conduct a public hearing to consider creation of the Lake Tropicana Ranchettes (Phase I) Re-Assessment Improvement Area, as shown above, and imposition of special assessments for the construction of road improvements. The hearing will be held at 9:00 A.M., or as soon thereafter as the matter can be heard, on, 2010, in the Marion County Commission Chambers, 601 SE 25th Avenue, Ocala, Florida, for the purpose of receiving public comment on the proposed improvement area and assessments. All affected real property owners have a right to appear at the hearing and to file written objections with the Board of County Commissioners any time prior to the public hearing. If a person decides to appeal any decision made by the Board of County Commissioners with respect to any matter considered at the hearing, such person will need a record of the proceedings and may need to ensure that a verbatim record is made, including the testimony and evidence upon which the appeal is to be made. In accordance with the Americans with Disabilities Act, persons needing a special accommodation or an interpreter to participate in this proceeding should contact the County's Assessment Coordinator at 352/438-2650 at least seven days prior to the date of the hearing. The assessment for each parcel of real property will be based upon the total number of platted lots of record on the date the assessment is imposed. A more specific description of the improvements and the method of computing the assessment for each parcel of real property are set forth in the Initial Assessment Resolution adopted by the Board of County Commissioners on July 20, 2010. Copies of the Initial Assessment Resolution and the preliminary Assessment Roll are available for inspection at the office of the County's Assessment Coordinator, located at 2710 E. Silver Springs Boulevard, Ocala, Florida. The assessments will be collected on the ad valorem tax bill, as authorized by Section 197.3632, Florida Statutes. Failure to pay the assessments will cause a tax certificate to be issued against the real property which may result in a loss of title. The Board of County Commissioners intends to collect the assessments in 9 annual installments, the first of which will be included on the ad valorem tax bill to be mailed in November 2010. C-1

If you have any questions, please contact the County's Assessment Coordinator at 352/438-2650. BOARD OF COUNTY COMMISSIONERS OF MARION COUNTY, FLORIDA A-2

APPENDIX B FORM OF NOTICE TO BE MAILED C-1

MARION COUNTY BOARD OF COUNTY COMMISSIONERS MSTU/Assessment Department 2710 E. Silver Springs Boulevard Ocala, Florida 34470-7006 352/438-2650 [Property Owner Name] [Street Address] [City, State and zip], 2010 Re: Parcel Number [Insert Number] Lake Tropicana Ranchettes (Phase I) Re-Assessment Improvement Area Dear Property Owner: [INSERT BRIEF DESCRIPTION OF LITIGATION AND REASON FOR RE- ASSESSMENT] The Board of County Commissioners is considering creation of the Lake Tropicana Ranchettes (Phase I) Re-Assessment Improvement Area for the construction of road improvements. The cost of the road improvements will be funded by assessments against real property within the improvement area. The assessment for each parcel of real property is based on the total number of platted lots or parcels of record as of the date the assessment is imposed. A more specific description of the assessment program is included in the Initial Assessment Resolution adopted by the Board of County Commissioners on July 20, 2010. Copies of the Initial Assessment Resolution and the preliminary Assessment Roll are available for your review at the offices of the Assessment Coordinator located at 2710 E. Silver Springs Boulevard, Ocala, Florida. Information regarding the assessment for your specific property, including the number of lots or parcels of record, as well as credit for prior prepayments received, is attached to this letter. The County has obtained a loan to finance this and other assessment projects. This permits the cost attributable to your real property to be amortized over a remaining period of 9 years. However, you may choose to prepay the assessment in full at anytime. The annual assessment includes your share of the principal, interest, and amounts related to collection of the assessments. The maximum annual assessment is estimated to be $ per lot and the County plans to collect a total amount of $ for this C-1

project. The County intends to include annual assessments on your ad valorem tax bill with the first payment on the bill to be mailed in November 2010. Failure to pay your assessments will cause a tax certificate to be issued against the real property which may result in a loss of title. The Board of County Commissioners will hold a public hearing at 9:00 A.M., or as soon thereafter as the matter can be heard, on, 2010 in the Marion County Commission Chambers, 601 SE 25th Avenue, Ocala, Florida, for the purpose of receiving comments on the proposed improvement area and the assessments, including collection on the ad valorem tax bill. You are invited to attend and participate in the public hearing or to file written objections with the Board of County Commissioners any time prior to the public hearing. If you decide to appeal any decision made by the Board of County Commissioners with respect to any matter considered at the hearing, you will need a record of the proceedings and may need to ensure that a verbatim record is made, including the testimony and evidence upon which the appeal is to be made. In accordance with the Americans with Disabilities Act, if you need a special accommodation or an interpreter to participate in this proceeding, please contact the County's Assessment Coordinator at 352/438-2650 at least seven days prior to the date of the hearing. Questions regarding your assessment and the process for collection may be directed to Myra Tedder at 352/438-2650. MARION COUNTY MSTU/ASSESSMENT DEPARTMENT B-2

* * * * * SEND NO MONEY NOW. THIS IS NOT AN INVOICE * * * * * Lake Tropicana Ranchettes (Phase I) Re-Assessment Improvement Area [Property Owner Name] Parcel Number [Insert Number] Total number of units attributed to property: Current Adjusted Prepayment Amount*: Amount Prepaid With Respect to Parcel: [Insert Number] [Insert Amount] [Insert Amount] Number of remaining annual payments: 9 Maximum annual payment: [Insert Amount] * This amount will be reduced after each annual payment. * * * * * SEND NO MONEY NOW. THIS IS NOT AN INVOICE * * * * * C-3

APPENDIX C LAKE TROPICANA RANCHETTES (PHASE I) RE-ASSESSMENT IMPROVEMENT AREA LEGAL DESCRIPTION

LAKE TROPICANA RANCHETTES (PHASE I) RE-ASSESSMENT IMPROVEMENT AREA LEGAL DESCRIPTION A Subdivision as recorded in Plat Books "G" and "H," at Pages 101, 102 and 069 of the Public Records of Marion County, Florida. C-1